Trade Deadline Winners and Losers: We all benefit from non-stop day of deals

It was one of the wilder trade deadlines in recent memory as the likes of Mikko Rantanen and Brad Marchand switched teams. Sportsnet’s Ryan Dixon sorts through it all to pick winners and losers — including all of us.

Trade Deadline Winners and Losers: We all benefit from non-stop day of deals

How crazy was the 2025 trade deadline season?

One team that traded Mikko Rantanen away is somehow about to be listed here as a deadline winner; a second squad that sent Rantanen packing is a loser and the buried lede in all of that is the simple fact one of the very best skaters in the world was swapped twice in six weeks.

Oh, by the way, there’s a decent chance the Dallas Stars — Rantanen’s current team — will face the Colorado Avalanche — Rantanen’s first team — in the opening round of the playoffs.

Beyond an elite winger criss-crossing the continent, we also had Atlantic Division rivals swapping locked-up, still-young No. 2 centres; the Avalanche — who won the Cup less than three years ago — rendering their lineup utterly unrecognizable from the one they iced on opening night and, in a pro wrestling-style team-up, Brad freakin’ Marchand joining the rat pack known as the Florida Panthers for their title defence.

Given all that, the annual task of identifying trade season winners and losers — an equally perilous and fun adventure — has a little extra juice this March.

Let’s dive right in.

WINNERS

Dallas Stars

When the smoke cleared, and the double deal had actually happened, Rantanen was on the Stars and armed with a new eight-year, $96-million extension. Remember, in addition to their new six-foot-four winger, the Stars also landed forward Mikael Granlund and right-shot defenceman Cody Ceci from the San Jose Sharks on Feb. 1.

Dallas gave up a fantastic young player in Logan Stankoven to get Rantanen from Carolina, but GM Jim Nill also locked up 21-year Wyatt Johnston to a five-year contract extension on Friday.

What a day in Dallas.

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Colorado Avalanche

Since the end of January, the Avs have added six meaningful pieces to their lineup. And that’s without even mentioning a full battery change in the crease before Christmas, with Scott Wedgewood and Mackenzie Blackwood replacing Alexandar Georgiev and Justus Annunen.

The overall calculus is pretty simple: Colorado moved on from one elite stud in Rantanen to spread the love around and fill multiple holes. They now have Martin Necas on the top line for basically half of what Rantanen’s cap hit will be in Dallas next year (which likely would have been even higher in a place with state income tax), Brock Nelson filling a glaring need as a 2C, Charlie Coyle coming in to be an overqualified third-line pivot and Ryan Lindgren banging bodies on the back end.

It’s odd to contemplate the idea of Colorado improving its 2025 Cup chances by moving on from Rantanen, but that just might be what happened.

Florida Panthers

The buzzer-beater to get Brad Marchand — even with all the other excitement around the league — was the biggest “Holy Bleep!” moment of deadline day. Marchand, Matthew Tkachuk and Sam Bennett in the same lineup? That’s more heel than a cobbler sees in lifetime of work.

Of course, the most meaningful add the Cats made was getting Seth Jones to patrol the right side of the ice in the top 4 of the blueline.

Obviously Tkachuk’s health is a big question mark, but the Cats aren’t losing the Cup without a fight.

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Toronto Maple Leafs

It went down to the wire, but the Leafs got their guys. Had the day ended with third-line centre Scott Laughton being the Buds’ big prize, it probably would have felt like a slight disappointment given everything else that went on directly around them in the division. But grabbing Brandon Carlo right before 3 p.m. ET made this a strong deadline for GM Brad Treliving. Laughton is under contract for another spring, Carlo is inked for another two and both come with lighter cap hits thanks to salary retention.

Carlo, as a huge, right-shot blue-liner, should really help Toronto’s defencemen fill roles they’re best suited for.

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Ottawa Senators

Dylan Cozens was widely coveted around the league despite underwhelming counting stats ever since a 68-point breakout in the 2022-23 season. Cozens is a big, right-shot centre who just turned 24. The Sens may be giving up the better goal-scorer in Josh Norris, but his spotty health history makes this one a no-brainer for Ottawa. And if Cozens reaches his ceiling in Canada’s capital, it could go down as a really meaningful day for a Sens club trying to not only make the playoffs, but do something significant once there.

It’s sort of reminiscent of Ottawa snagging Kyle Turris from Arizona once upon a time.

The Sens also grabbed Fabian Zetterlund from San Jose. He’s a 25-year-old winger on pace for a second consecutive 20-goal season and an RFA at season’s end.

Tampa Bay Lightning

It might seem like small potatoes given what the Leafs and, in particular, the Panthers, just pulled off, but Tampa’s lineup got a lot longer with old friend Yanni Gourde and fellow third-liner Oliver Bjorkstrand coming aboard. And, remember, Tampa was red-hot before this move.

Okay, that’s finally it for the Atlantic … at least in the winners category.

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Seattle Kraken

You can like a deal from both sides and while we’ve got Tampa down as a winner for acquiring Gourde and Bjorkstrand, the Kraken exit that swap with two first-round picks and a second. That’s a nice asset haul for GM Ron Francis, who also grabbed a 2027 second from the Jets for Brandon Tanev.

Columbus Blue Jackets

Good on the Jackets, who removed potentially the most consequential rental player (non-Rantanen division) from the market when GM Don Waddell stated they would not be trading pending UFA defenceman Ivan Provorov despite the lack of a new deal.

Ride with what you’ve got and if Provorov walks, he walks.

Also, the Jackets are just four points behind the Devils (with a game in hand) for third place in the Metropolitan Division and if they can overcome a New Jersey squad that didn’t do much of anything — possibly in part because it’s tough to buy right after you lose a player like Jack Hughes to injury for the year — they’ll draw a Hurricanes team in the first round that has to be hurting a little at the end of this Rantanen affair.

New York Islanders

Landing a prospect like Calum Ritchie — even if it meant saying good-bye to franchise mainstay like Brock Nelson — has to be marked as a ‘W.’

And finally … US!

Wow, what rush! Deadline day itself often tends to fall a little flat because teams get their heavy lifting done ahead of time. But we saw big-time swaps today, with A-list players, prospects and league personalities on the move. Well done, suits.

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LOSERS

Carolina Hurricanes

No format offers less wiggle room than winners/losers and — unlike the games themselves — it can take a long time for us to learn the ultimate results of transactions.

But, as any fourth-liner jumping over the boards to get his nose dirty and possibly a little broken can tell you, the job is the job, and we live in a binary sports world that demands declaring victory or defeat.

You had to love the Canes’ all-in play to get Rantanen from Colorado after a couple years of coming up short in the playoffs. That he isn’t staying in Raleigh for the next nine springs is an obvious disappointment.

On the bright side, Logan Stankoven — with his skill and crazy motor — almost seems born to be a Cane. Still, this is a tough one right now for Carolina.

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Boston Bruins

If you want to zag — and, pulling back in the curtain a bit, I almost did — and call the B’s winners, you laud them for picking a lane and hammering the accelerator. There was no hemming or hawing from GM Don Sweeney, who, to the surprise of many, ushered in a new phase of team-building in Boston by moving out some central-core pieces.

Selling pending UFAs like Trent Frederic and Justin Brazeau is one thing, but moving your captain, Brad Marchand, is another, and dealing away important players with term left on their deals like Charlie Coyle and Brandon Carlo can only be interpreted as a major shift in approach for Boston.

The team wasn’t going anywhere this year, but we didn’t enter deadline day prepared to do a real re-evaluation of what Boston’s next two or three seasons look like.

Winnipeg Jets

The Jets made solid, if unspectacular, additions in edgy bottom-sixer Brandon Tanev and hefty right-shot defenceman Luke Schenn. But that second-line centre spot remains a question mark and you can’t be a Jets fan and feel good about the gains made by division rivals in Dallas and Colorado.

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Buffalo Sabres

If Josh Norris stays healthy and scores the way he can, Western New Yorkers can calm down a little. But this is a big bet by the Sabres given the player’s extensive injury history. Buffalo was bent on getting players back who can help right now if it was going to move somebody like Dylan Cozens and that’s fair enough. But did Sabres GM Kevyn Adams try to match the pieces too perfectly by acquiring another middleman who’s basically signed to the same contract as Cozens?

Also, it’s one thing to make a trade the blows up in your face — it’s another to make it with a team you’re, in theory, competing for a wild-card spot with year after year.

Sabres fans, on behalf of the entire hockey world — minus Sens supporters — I hope I’m wrong.

The second round of the playoffs

The fact we can say, right now, it’s very likely two of Toronto, Tampa, Florida, Dallas and Colorado will be gone in Round 1 is a slight bummer. All five of those clubs pushed in chips and, assuming the Avs can catch the Minnesota Wild down the stretch, the 2 vs. 3 matchups in the Central and Atlantic are going to feature four of these clubs.

Of course, that means Round 1 could be two weeks’ worth of the fun we had today.